How much do you save? It might not be anything at all, and it's easier than you might think to change your habits. More than 50 per cent of Australians are saving at least something, according to MoneySmart, and you should follow suit.
With the dust of the New Year settling and 2017 kicking into action, it's time to start thinking about how you're going to improve your savings account this year. Last year might have been a great year for your earnings and seeing your profits grow with a savings account at CAPE, but this year is an opportunity to be even better.
If you don't save money each time you get paid, it's likely that you're spending unnecessarily. You'll need to pay for things like your home (whether that's a mortgage payment, rent, power, internet usage, water, council rates), transport to and from work, food and any extras you might have such as a gym or a magazine subscription. Those aren't the things you need to cut out of your life entirely, but they're not exempt from being reviewed.
How much should you be saving?
Take a look at your pay slip – no matter how much it is, you'll know what amount comes off it that goes toward your living costs. Anything leftover will be your 'spending' money, or disposable income. It's from this amount that you can start to make savings.
You might go to the gym three times a week, and good on you for doing so! However, have you chosen the most economical place to go to the gym, or do you have to travel far away to get there? The cost of the membership might be low, but you'll be spending extra on fuel for your car or bus fares, which offsets your savings. Choose somewhere closer that might only be a little more expensive, and you could end up saving around $10 to $20 per week. Over the course of a year, that'll add up to $520 to $1,040!
Make 2017 the year you secure your financial future with the right savings account at CAPE.
If you find $50 a week to put away by cutting out unnecessary costs such as going out for dessert, or buying dinner every night instead of buying groceries at the supermarket and cooking, you'll notice the savings start to build up. Each year, $50 in savings will get you to $2,600, and doing this for a decade gets you to $26,000 before interest!
It doesn't take a lot to save a lot – just review what you're spending money on and find ways to reduce those costs. Make 2017 the year you secure your financial future with the right savings account at CAPE. Get in touch today to find the best option for you.